AmCham Provided Input on International Accounting Standards to Finance Ministry

in the CR or other EU member state. Such corporations are obliged to keep books and put together the statement of balances according to International Accounting Standards (IAS/IFRS). Pursuant to the Act on Income Taxes, they also (concurrently) have to keeps books according to the Czech law (Act on Accounting and related legal enactments). Participants of the session discussed the problems the regulation causes and urged the Ministry to take steps to improve the situation (please see the minutes in the attached file). AmCham will set up a task force to look into the issue. To become involved, please contact Iveta Havlova at ihavlova@amcham.cz.